Section 12
Section 12 thereof and amended to read as follows: "S. 12. To promote and encourage the manufacture of local inventions, utility models or industrial designs, their manufacture shall be exempted from taxes, license fees and permit fees, except customs duties and charges on imports, during the first five years from the date of the first sale, subject to the rules and regulations be promulgated by the Department of Finance: Provided, That their manufacture is carried out by the inventor's himself/themselves as a small/medium scale industry with capitalization not exceeding four million pesos: Provided further, That in case of a partnership or a corporation, the majority interest belongs to the patentee's himself/themselves: Provided still further, That the manufacturer shall keep separate books of accounts of the manufacture and sale of said inventions: and Provided finally, That the manufacturer is a Filipino citizen or an enterprise at least sixty percent of the capital of which is owned by such citizens.